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Multi-Manager Investment Structures for Asia-Pacific Wealth ManagersPublished by: Datamonitor Published: Jul. 21, 2004 - 46 Pages Table of ContentsTABLE OF CONTENTS THE DEVELOPING MULTI-MANAGER TREND 6 Introduction 6 Definition of multi-manager investment structures 6 Target markets 8 Market drivers 8 Advantages and disadvantages for wealth managers 11 Investment performance and risk 11 Business focus and capabilities 14 Costs, revenues and prices 15 Client interpretation 17 A shift to a mixed approach? 18 COMPETITIVE DYNAMICS 20 Wealth manager uptake 20 The role of manager-of-manager specialists 21 Wealth Manager Case study 1: Coutts 24 Wealth Manager Case study 2: HSBC Republic 26 Wealth Manager Case study 3: MLC and NAB 27 Wealth Manager Case study 4: C Hoare & Co. 30 Emerging Competitive Landscape 32 Future drivers and barriers to development 32 The developing manager-of-manager value chain 33 Product substitution 34 STRATEGIC OPTIONS FOR WEALTH MANAGERS 36 The decision to adopt manager-of-manager structures 36 Key considerations 36 Longer term alternatives to multi-manager 37 Options for incorporating manager-of-manager stuctures 38 Selecting the strategic approach 38 Key transitional risks 40 APPENDIX 42 Definitions 42 Research methodology 42 Further reading 43 Datamonitor Asia-Pacific Wealth Reports 43 Datamonitor Global Wealth Service: Insight Reports 43 Datamonitor Global Wealth Service: Competitor Tracking 43 Datamonitor Financial Services Consulting 44 Datamonitor’s Global Wealth Model 45 Asia-Pacific team 46 LIST OF TABLES Table 1: The Australian banks and their platform managers 21 Table 2: Russell’s alliance/distribution agreements in Asia-Pacific, June 2004 22 Table 3: Wealth markets that have been modeled using the Global Wealth Model 45 LIST OF FIGURES Figure 1: Overview of multi-manager investment structures 7 Figure 2: Key drivers behind the multi-manager trend 8 Figure 3: Range of 1, 3 and 5 year performance of multi-manager global funds as at end February 2004 13 Figure 4: Example imagery from Coutts’ “Dream Team” campaign 26 Figure 5: The features of MasterKey available through MLC 30 Figure 6: Clients need to be convinced that wealth managers still add the majority of the value 34 Figure 7: Wealth managers must establish their strategic positioning in terms of scale and investment management capability 39 AbstractIntroductionThis brief analyses the developing multi-manager trend and the implications for wealth managers in Asia-pacific. It assesses key drivers, the major advantages and disadvantages of different multi-manager structures, competitive activity in this area and the strategic options for wealth managers, including the future opportunities and barriers to further development. Scope Focused on the implications of multi-manager investment structures from a wealth manager's perspective Includes competitive examples and case studies of key initiatives by wealth managers' in the Asia-Pacific region Covers both fund-of-fund and manager-of- manager structures with a primary emphasis on the manager-of-manager approach. Asia-Pacific in focus Highlights The declines in asset valuations have created a substantial amount of pressure to achieve a stronger and more consistent level of investment performance. Increasingly demanding customers have also become more explicit in highlighting their dissatisfaction with being tied to one investment manager across a relatively narrow range of asset classes. In reality if wealth managers maintain control over strategic asset allocation (the major factor influencing investment performance) then they are in fact the ones who will most determine the future value of clients' investments. While they should not undermine the use of third party investment managers this fact needs to be clear. For those that ascribe to the fully integrated wealth management model that covers all asset classes (and there are many advocates) then it is clear that to some extent third parties will have to be included into wealth manager offerings, but Datamonitor does not believe that the MoM route is by any means the only one wealth managers can take. Reasons to Purchase Full analysis of the pros and cons of multi-manager structures allows wealth managers to objectively assess their suitability to their business Outlines the emerging competitive landscape, allowing wealth managers to identify their place in the increasingly complex competitive picture Offers a future focused view of the strategic options for players adopting a multi-manager approach and for those seeking longer term alternatives Get Full Details About This Report >> |
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